S&P raises Aventiv Technologies

S&P said it raised Aventiv Technologies LLC’s issuer rating to CCC from SD, Selective Default, assigned a negative outlook and then withdrew the rating at the company’s request.

The agency said it bumped up the rating after it finished its review of Aventiv once the company completed a series of distressed exchange transactions with its term loan lenders to restructure its outstanding term loan debt.

“We continue to view Aventiv's capital structure as unsustainable. The short-term maturity extension on its first-lien facilities helped alleviate near-term liquidity risk; however, Aventiv continues to face significant near-term refinancing risk as its $225 million revolver and $1.06 billion first-lien term loan mature in July 2025 and its $295 million second-lien term loan matures November 2025,” the agency said in a press release.

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